Page 15 - Jillian McWilliams

The True Cost Of NOT Owning Your Home

Owning a home has great financial benefits, yet many continue to rent. Let’s look at the
financial reasons why owning a home of your own has been a part of the American Dream for
the entirety of America’s existence.

Realtor.com reported that:

“Buying remains the more attractive option in the long term – that remains the American
dream, and it’s true in many markets where renting has become really the shortsighted

option… as people get more savings in their pockets, buying becomes the better option.”

What proof exists that owning is financially better than renting?

1. Here are the top 5 financial benefits of homeownership:

• Homeownership is a form of forced savings.
• Homeownership provides tax savings.
• Homeownership allows you to lock in your monthly housing cost.
• Buying a home is cheaper than renting.

• No other investment lets you live inside of it.

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. A family who purchased a median-priced home at the start of 2019 will build more than
$49,000 in family wealth over the next five years with projected price appreciation alone.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential
renter must realize that all the expenses the landlord incurs are already baked into the rent

payment – along with a profit margin!

Bottom Line

Owning a home has many social and financial benefits that cannot be achieved by renting.

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